FINANCIAL DEFINITIONS

Capital employed

Total assets less non-interest bearing liabilities.

Earnings per share

Net earnings, excluding non-controlling interests, divided by
average number of shares.

EBITDA

Operating profit excluding non-recurring items and
amortisation and depreciation of fixed assets.

Equity ratio

Shareholders’ equity including non-controlling interests as a
percentage of total assets.

Gearing ratio

Net debt as a percentage of total equity.

Net debt

Total interest bearing liabilities (including pension liability) less
cash and cash equivalents.

Operating profit (EBIT 1)

Operating profit excluding non-recurring items.

Operating margin

Operating profit (EBIT 1) as a percentage of net sales for the
year.

Return on capital employed

Twelve months to end of period profit after financial items,
excluding non-recurring items, plus financial expenses as a
percentage of twelve months to end of period average capital
employed.

Return on equity

Twelve months to end of period net profit excluding non-controlling
interests as a percentage of twelve months to end of period average
shareholders’ equity excluding non-controlling interests.